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canceled my 125 insurance... ouch

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Ayup_Mi-Duck
Renault 5 Driver



Joined: 25 Jan 2017
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PostPosted: 14:16 - 26 Jul 2017    Post subject: canceled my 125 insurance... ouch Reply with quote
so, my 125 was insured with bennetts for 100 quid. just cancelled and ill have to pay a 50 quid fee...

there is only 56 quid left to pay over the year Sad

Does anyone else get fucked off with ungoverned fee bastards?
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Ste
Not Work Safe



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PostPosted: 14:17 - 26 Jul 2017    Post subject: Reply with quote
You were paying monthly?
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arry
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PostPosted: 14:19 - 26 Jul 2017    Post subject: Re: canceled my 125 insurance... ouch Reply with quote
Ayup_Mi-Duck wrote:
so, my 125 was insured with bennetts for 100 quid. just cancelled and ill have to pay a 50 quid fee...

there is only 56 quid left to pay over the year Sad

Does anyone else get fucked off with ungoverned fee bastards?


I do get annoyed with it but you get told the rules of the game before you start playing; all you have to do is read them.

Did you really finance the £100 policy premium, too? Shocked
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Ayup_Mi-Duck
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PostPosted: 14:25 - 26 Jul 2017    Post subject: Reply with quote
Yes unfortunately.

I was a bit (lot) skint and needed it.
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pinkyfloyd
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PostPosted: 14:29 - 26 Jul 2017    Post subject: Reply with quote
Ayup_Mi-Duck wrote:
Yes unfortunately.

I was a bit (lot) skint and needed it.


Paying monthly means your insurance was fully paid for the year by a loan company. You technically do not owe anything to the insurance company, but the loan company may well chase you for the money as you have technically defaulted on a loan. This could also affect your credit rating and all the shit that goes with it.

Personally I would have let the insurance run out for the sake of 56 quid and gained the years no claim bonus
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Rogerborg
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PostPosted: 14:33 - 26 Jul 2017    Post subject: Re: canceled my 125 insurance... ouch Reply with quote
arry wrote:
you get told the rules of the game before you start playing

Can't say that I've ever had a broker make it easy (or possible) for me to read the full T&Cs before taking my money.
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Ayup_Mi-Duck
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Joined: 25 Jan 2017
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PostPosted: 14:47 - 26 Jul 2017    Post subject: Reply with quote
pinkyfloyd wrote:



Personally I would have let the insurance run out for the sake of 56 quid and gained the years no claim bonus


Oh ffs... why didn't I think of that. even more fed up now.

Thanks tho Smile
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M.C
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PostPosted: 14:48 - 26 Jul 2017    Post subject: Re: canceled my 125 insurance... ouch Reply with quote
Ayup_Mi-Duck wrote:
Does anyone else get fucked off with ungoverned fee bastards?

Nope. I've never made a mid-policy adjustment.
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Evil Hans
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Joined: 08 Nov 2015
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PostPosted: 14:57 - 26 Jul 2017    Post subject: Reply with quote
pinkyfloyd wrote:

Personally I would have let the insurance run out for the sake of 56 quid and gained the years no claim bonus


This. Every time.

I asked the bloke I bought the Suzuki off if he could hold onto it for a week and a bit as that was all that I had to run on my 125 insurance. Then I got a full year's no claims and no admin fees.

If I'd cancelled the insurance there and then it would have cost me £40
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trevor saxe-coburg-gotha
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PostPosted: 15:40 - 26 Jul 2017    Post subject: Re: canceled my 125 insurance... ouch Reply with quote
arry wrote:
all you have to do is read them.


Simple enough if you have a spare lifetime or three.
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Rogerborg
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PostPosted: 15:52 - 26 Jul 2017    Post subject: Reply with quote
Ayup_Mi-Duck wrote:
pinkyfloyd wrote:
Personally I would have let the insurance run out for the sake of 56 quid and gained the years no claim bonus

Oh ffs... why didn't I think of that. even more fed up now.

Not a great idea to keep the policy running if you've sold the bike.

https://www.whitedalton.co.uk/motorbike-blog/2013/10/i-sold-my-bike-but-didnt-cancel-my-insurance/
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Alpineandy
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PostPosted: 16:00 - 26 Jul 2017    Post subject: Re: canceled my 125 insurance... ouch Reply with quote
trevor saxe-coburg-gotha wrote:
arry wrote:
all you have to do is read them.

Simple enough if you have a spare lifetime or three.

If you want to read every word then it certainly does take time although most of it is bollocks the Government/FSA/FCA require rather than anything real people want.
However at least a quick skim is a wise idea.
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Jmoan
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PostPosted: 20:27 - 26 Jul 2017    Post subject: Re: canceled my 125 insurance... ouch Reply with quote
arry wrote:

I do get annoyed with it but you get told the rules of the game before you start playing; all you have to do is read them.


Most people would assume they are paying as they go. If they wanted a loan wouldn't they go to a bank for it?

It's the same when you're asked for the value of the bike. Most people would have assumed that's the price it's being insured for because that's what's implied instead of these companies using it as an information snatching scheme.

But then if most people didn't bother with insurance maybe things would change.
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The Shaggy D.A.
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PostPosted: 20:32 - 26 Jul 2017    Post subject: Reply with quote
I pay annually, the admin fee for cancellation on my 125 is more than what would be refunded. It's a no brainer, it'll expire.
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Polarbear
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PostPosted: 20:32 - 26 Jul 2017    Post subject: Re: canceled my 125 insurance... ouch Reply with quote
Jmoan wrote:
arry wrote:

I do get annoyed with it but you get told the rules of the game before you start playing; all you have to do is read them.


Most people would assume they are paying as they go. If they wanted a loan wouldn't they go to a bank for it?

It's the same when you're asked for the value of the bike. Most people would have assumed that's the price it's being insured for because that's what's implied instead of these companies using it as an information snatching scheme.

But then if most people didn't bother with insurance maybe things would change.


That one does annoy me. When I had the Goldwing Trike I had a stipulated value. Had to send in photographs before they would cover me for said value and it cost. Evil or Very Mad
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Alex A
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Joined: 05 Mar 2007
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PostPosted: 20:51 - 26 Jul 2017    Post subject: Re: canceled my 125 insurance... ouch Reply with quote
M.C wrote:
Ayup_Mi-Duck wrote:
Does anyone else get fucked off with ungoverned fee bastards?

Nope. I've never made a mid-policy adjustment.


Funnily enough, I've made plenty.

Usually the broker is able to offer some discretion on the fee (and the premium), especially if you're a continuing customer and/or you make a bit of a fuss and articulate your case well. You can't make them do that, but it helps if you've paid them a lot, you're polite, and you've been a regular customer.

I've just changed the second bike on my policy, which is always a faff, because I have a knack of choosing multiple bikes which are cheapest (for me) with different underwriters. So it can get expensive and/or messy as a multi bike policy with multiple underwriters. Anyway, in this case, the broker applied a -£20 fee, instead of their usual £50 fee. Which made the cost to change quite modest and perfectly reasonable.

I've also had brokers waive change (and even cancellation) fees in the past. I've had particularly good experience with Carole Nash in the past, and Principal more recently.

But for the OP, if you're cancelling a £100 policy mid-term, you really shouldn't be surprised that you'll get nothing (or next to nothing) back.
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arry
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PostPosted: 07:50 - 27 Jul 2017    Post subject: Re: canceled my 125 insurance... ouch Reply with quote
trevor saxe-coburg-gotha wrote:
arry wrote:
all you have to do is read them.


Simple enough if you have a spare lifetime or three.


It's not rocket science. Cancellation fees for the big motorcycle intermediaries found on Google from my phone in less than 15 seconds each:

https://www.hastingsdirect.com/about-us/our-fees.shtml

£25.

https://www.bennetts.co.uk/terms-and-conditions

£30/50 depending on timing.


The only one I couldn't find at drop of a hat was Devitts but I know from the last policy I had with them it was clear on the quote before I accepted it. And they've got a cancellation fee waiver these days as long as you stay with them on the next policy - which is a good start to cleaning up this crap IMO.
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andyscooter
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Joined: 30 May 2009
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PostPosted: 07:59 - 27 Jul 2017    Post subject: Reply with quote
they tried to charge me £96 to cancel a fully paid up policy a few months ago

the policy had a month left and was only £118 to start with


soon told em to do one
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arry
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PostPosted: 08:57 - 27 Jul 2017    Post subject: Reply with quote
andyscooter wrote:
they tried to charge me £96 to cancel a fully paid up policy a few months ago

the policy had a month left and was only £118 to start with


soon told em to do one


Was there premium credit involved?

Who was they?
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cb1rocket
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PostPosted: 10:43 - 27 Jul 2017    Post subject: Reply with quote
Rogerborg wrote:
pinkyfloyd wrote:
Personally I would have let the insurance run out for the sake of 56 quid and gained the years no claim bonus

Oh ffs... why didn't I think of that. even more fed up now.
Not a great idea to keep the policy running if you've sold the bike.

https://www.whitedalton.co.uk/motorbike-blog/2013/10/i-sold-my-bike-but-didnt-cancel-my-insurance/


what if my bike was stolen and the thief injured himself or others?
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arry
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PostPosted: 11:23 - 27 Jul 2017    Post subject: Reply with quote
cb1rocket wrote:

what if my bike was stolen and the thief injured himself or others?


You get hosed.
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Rogerborg
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PostPosted: 11:53 - 27 Jul 2017    Post subject: Reply with quote
arry wrote:
cb1rocket wrote:
what if my bike was stolen and the thief injured himself or others?

You get hosed.

Others, yes. The thief or a pillion who knows (or should know) that the bike is stolen are pretty much the only people who can't make third party claims against your policy for compo.

I've often wondered how long you've got to inform your insurer that a bike has been blagged in order to be safe from being passed the bill.
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M.C
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PostPosted: 13:42 - 27 Jul 2017    Post subject: Reply with quote
Rogerborg wrote:
I've often wondered how long you've got to inform your insurer that a bike has been blagged in order to be safe from being passed the bill.

I wouldn't tell them. "Hi I'd like to stop my policy please", "I don't have the bike anymore".

I've told no lies Folded arms
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andyscooter
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PostPosted: 19:43 - 27 Jul 2017    Post subject: Reply with quote
arry wrote:
andyscooter wrote:
they tried to charge me £96 to cancel a fully paid up policy a few months ago

the policy had a month left and was only £118 to start with


soon told em to do one


Was there premium credit involved?

Who was they?


They was Bennets

Spoke to they explain nothing to insure and we got told in phonecalls there wasn't a cancelation fee , by them

They then emailed saying this was correct

They then passed my dept onto a collection agency who sent a letter

They got phoned up got a right mouthful told I will never use them again cos fucktards

Gt a letter of apology on dept and a 25_ quid voucher for Argos
And if I do use them 25% off next policy
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